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        Corp. Laws, SEBI & IBC

        NCLAT reserves order on RoC plea in Tata-Mistry case

        January 3, 2020

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        New Delhi, Jan 3 (PTI) The National Company Law Appellate Tribunal (NCLAT) on Friday reserved its order on the plea filed by the Registrar of Companies (RoC) seeking modifications in the judgement in which Cyrus Mistry was reinstated as the executive chairman of Tata Sons.

        A two-member bench headed by Chairman Justice S J Mukhopadhaya indicated that its order is likely to come on Monday next week.

        During the proceedings, the Ministry of Corporate Affairs said that it was discharging its duty and has not committed any illegality in conversion of Tata Sons from public company to a private company.

        On Thursday, NCLAT had asked clarification specifics of paid-up capital requirement for the same.

        NCLAT, on December 18, directed the USD 110-billion Tata group to reinstate Cyrus Mistry as the executive chairman of Tata Sons.

        Tata Sons had on Thursday moved the Supreme Court against its order passed on December 18.

        Reinstatement order modification under review as appellate tribunal reserves decision on plea over company conversion and paid-up capital. Appellate review is reserved on a plea to modify an order reinstating an executive chair, with the bench considering the ministry's defence of a lawful conversion from public to private and requesting clarification on paid-up capital requirements relevant to that conversion; the reinstatement order remains subject to a separate higher court challenge.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Reinstatement order modification under review as appellate tribunal reserves decision on plea over company conversion and paid-up capital.

                                Appellate review is reserved on a plea to modify an order reinstating an executive chair, with the bench considering the ministry's defence of a lawful conversion from public to private and requesting clarification on paid-up capital requirements relevant to that conversion; the reinstatement order remains subject to a separate higher court challenge.





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